Cheaper forex loans for exporters

Commerce and Industry Minister Shri Piyush Goyal informed Parliament on Wednesday that the government is considering a proposal to offer foreign exchange loan at cheaper interest rate to exporters and higher insurance coverage to the banks on their export-credit-disbursement. This will enable banks to revise their lending rate for export credit and to provide foreign exchange loan at cheaper rate of interest.

The minister also stated that the current trade standoff between the US and China and the slowdown in international market are likely to have its impact on the imports and exports of countries.